Congrats, 46Y. Really great to see you resurrecting one of the old Y-Block engines!!!! My first Ford ('56 2dr sdn) had the 272 in it. One of the mechanics at the Ford garage sold me, then helped me build (for free) a 312 T-Bird engine with the tri-power carbs!!!! Thought I had died and gone to heaven when Roy got me all educated and the engine all tuned up!!!!

As Denny said, if the clearances are correct on the bearings and rings the engine should be ok. Those old rope seals do put a lot of drag on the crank!!!